TBT vs. SJB
TBT (ProShares UltraShort 20+ Year Treasury) and SJB (ProShares Short High Yield) are both Inverse Bonds funds from ProShares - TBT tracks the ICE U.S. Treasury 20+ Year Bond Index while SJB tracks the iBoxx $ Liquid High Yield Index (-100%). Both are passively managed. Over the past 10 years, TBT returned 2.32%/yr vs -3.86%/yr for SJB. At a correlation of -0.02, they often move in opposite directions. TBT charges 0.93%/yr vs 0.95%/yr for SJB.
Performance
TBT vs. SJB - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly higher than SJB's 0.74% return. Over the past 10 years, TBT has outperformed SJB with an annualized return of 2.32%, while SJB has yielded a comparatively lower -3.86% annualized return.
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
TBT vs. SJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
Correlation
The correlation between TBT and SJB is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.02 |
The correlation between TBT and SJB shifts across timeframes, from -0.02 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TBT vs. SJB — Risk / Return Rank
TBT
SJB
TBT vs. SJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares Short High Yield (SJB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TBT | SJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.00 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.02 | -0.02 |
| Martin ratioReturn relative to average drawdown | -0.10 | -0.05 | -0.04 |
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Drawdowns
TBT vs. SJB - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than SJB's maximum drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for TBT and SJB.
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Drawdown Indicators
| TBT | SJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -58.06% | -36.93% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -2.74% | -12.15% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -10.54% | -23.29% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -13.30% | -20.53% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -34.57% | -30.52% |
Current DrawdownCurrent decline from peak | -85.92% | -57.40% | -28.52% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -42.52% | -34.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 1.30% | +6.25% |
Volatility
TBT vs. SJB - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to ProShares Short High Yield (SJB) at 1.06%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than SJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | SJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 1.06% | +3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 3.03% | +10.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 3.88% | +15.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 7.52% | +23.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 8.50% | +20.25% |
TBT vs. SJB - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than SJB's 0.95% expense ratio.
Dividends
TBT vs. SJB - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, less than SJB's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Frequently Asked Questions
TBT and SJB have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to SJB (1.06%). In terms of maximum drawdown, TBT dropped -94.99% vs SJB's -58.06%.
On 10-year performance, TBT leads with 2.32% vs -3.86% for SJB. On fees, TBT is cheaper at 0.93% per year. On volatility, SJB has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 2.32% return vs -3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for SJB.
SJB has the higher dividend yield at 3.43%, compared with 2.95% for TBT.
TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while SJB tracks iBoxx $ Liquid High Yield Index (-100%). Their fees differ too: 0.93% for TBT and 0.95% for SJB.
SJB currently has the higher Sharpe Ratio (-0.02 vs -0.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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